Tinubu set to commission $400m Otakikpo oil terminal in Rivers

President Bola Tinubu is set to commission the $400 million Otakikpo Onshore Crude Oil Export Terminal in Ikuru Town, Andoni Local Government Area of Rivers State.

The facility, built by Green Energy International Limited (GEIL), operators of the Otakikpo field (PML 11), is Nigeria’s first indigenous onshore terminal and the only one constructed in the country in the last 50 years.

The last onshore terminal, Forcados, was commissioned in 1971.

Expected at the inauguration, which will take place on Tuesday, 8 September, are the Rivers State Governor, Siminalayi Fubara, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, as well as other top federal government officials and industry stakeholders.

GEIL Executive Director, Legal and Corporate Services, Mr Olusegun Ilori, in a statement on Thursday, said the project aligns with President Tinubu’s drive to boost crude oil production.

Ilori noted that the terminal would provide a solution to evacuation bottlenecks, which have been a major obstacle to achieving the government’s target of three million barrels per day.

“With an initial storage capacity of 750,000 barrels, expandable to three million, and a loading capacity of 360,000 barrels per day, the terminal is projected to support cost reduction in oil production while providing a lifeline for over 40 stranded oil fields,” he said.

Chairman/CEO of Green Energy and Chief Host of the commissioning, Professor Anthony Adegbulugbe, described the project as a game-changing national infrastructure that would open a new pathway for stranded fields to contribute to the economy.

According to him, “What we have achieved here is not just a storage solution, but a game-changing national infrastructure that has opened a new pathway for about 40 stranded oil fields to finally contribute to the economy.”

Source: The Sun